Common use of ACCOUNT IN FOREIGN CURRENCIES Clause in Contracts

ACCOUNT IN FOREIGN CURRENCIES. The Client may have the use of one or more accounts in a giv en f oreign currency on its application in writing and as and when required. Said accounts may be opened in currencies typically traded on the market and more specif ically, in the following currencies, expressed by their ISO code: CAD, CHF, GBP, HKD, JPY, USD, CNY. The Client’s foreign currency account(s) shall be provisioned by currenciesfrom foreign countries, transferred by another resident or non-resident, purchased on a spot basis or obtained f rom the liquidation of hedging or arbitrage transactions. These currencies may be allocated to foreign currency payments, transferred to other f oreign currency accounts in France or abroad or sold on the foreign exchange market. The Client acknowledges hav ing been inf ormed and hav ing accepted the f oreign exchange risk inherent to transactions occurring between accounts in dif ferent currencies, in particular where the Client does not have foreign currency resources through its normal business activity. In particular, the Client states that all of its requests for information relating to foreign exchange control have been addressed by the Bank. It acknowledges having taken cognisance: - of the f act that it will be f ully responsible for foreign exchange risk and the costs that may result from this, - that the Bank shall not incur any liability if , due to exceptional circumstances, the f oreign currency chosen by the Client is no longer conv ertible, transferable or liquid. In this case and as of such an occurrence, the Bank and the Client shall consult in order to reach agreement on an alternative currency. Failing such agreement, within f if teen calendar day s of the non-liquidity, non-convertibility or non- transf erability, the account shall automatically be converted into euros. Similarly , the Client acknowledges and accepts that regulations relating to f oreign currencies may be amended at any time by the monetary authorities involved. Also, the mere f act of complying with the regulations concerned at the date of signature of this agreement cannot guarantee to the Client that its transactions will not be rejected or penalised in f uture by the monetary authorities involved. The Client therefore releases the Bank f rom all liability in respect of any obligation whatsoever to provide information cov ering the regulations in question. In order to make pay ments abroad, the Client may request cheque styles (except for CNY) which, when denominated only in foreign currencies, shall be usable solely on said accounts. In the ev ent of closing accounts, so as to allow the clearing of balances on accounts denominated in euros or in f oreign currencies held by the Client, in application of the unity of account clause, the Bank shall be able to buy back or sell the necessary currencies on the basis of the bank buying or selling rate to clients, determined on the day that the transaction is carried out based on market quotes.